Computershare saves PointsBet from its own constitution
When PointsBet's proposed sale to Japanese entertainment company Mixi was waved through by 95 per cent of shareholders on Wednesday, co-founder and CEO of the gambling outfit Sam Swanell said he was ' pleasantly surprised '.
No shit. It had been expecting Matt Tripp 's Betr to use its 19.9 per cent holding to block the deal, which needed a 75 per cent approval vote. But miraculously, according to vote tallier Computershare, Betr didn't vote. That's despite having its own acquisition offer on the table and publicly declaring it would veto the deal.
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Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
Japan's Mogami frigate ship: A $10b deal about more than defence
, register or subscribe to save articles for later. Add articles to your saved list and come back to them any time. Giant cranes dot the coastline near Nagasaki, the ancient port city in south-western Japan that became famous as the second, and last, place on Earth to be hit by a nuclear bomb during wartime. The heavy machinery, nestled in narrow bays beneath steep and forested hills, is a testament to the area's maritime heritage, which began hundreds of years ago when Europeans first made contact in Japan. Nagasaki's history is tied to the slip yards and giant hangars that since the mid-1850s have built and launched ships, including for the Japanese navy. Indeed, a reason the city was chosen in August 1945 as the target of the United States' Fat Man nuclear explosive was its productive shipbuilding and munitions factories. Next month one of the Japanese navy's newest vessels will be launched with much fanfare by Mitsubishi Heavy Industries. MHI, a vast corporate conglomerate with operations as diverse as air-conditioning and aerospace, pumps out ships with a relentless efficiency that some Western shipbuilders can only hope to emulate. And while this warship's launch will be just one of many in the country's continuous shipbuilding program, in Japan and Australia, important eyes will be watching. Rolling off the production line will be Japan's 11th Mogami frigate. The high-tech warships look eerily slick and have smooth surfaces. (It's a stealth measure, but more on that later.) The new boat will be named after a river or a mountain, in the Japanese tradition, and will eventually join the Japanese Maritime Self-Defence Force, as the nation's navy is now known. The Mogami has smooth surfaces and little equipment on deck, which gives it stealth bomber vibes. Credit: MHI The intense interest in Japan's Mogami has come about because Australia is about to spend $10 billion on a new fleet of 11 general-purpose frigates, known as the SEA3000 project, and MHI is locked in a battle with the German boatbuilder Thyssenkrupp Marine Systems (TKMS) to be the provider. Australia's plan is to acquire this fleet of frigates quickly to help replace the Anzac-class frigates, which are approaching the end of their service, and fill the gap before eventual arrival of Australia's larger Hunter-class heavy frigate, expected in 2032. The decision to go with the Japanese Mogami or the German MEKO A-200 will be made by the Albanese government by the end of this year. To keep the timeline tight, the first three ships will be made overseas, with the next eight to be built in Australia. The first ship will be delivered in 2029. Master and commander Atsushi Izumi has been the commander of a Mogami frigate and is the naval officer tasked with giving me a technical briefing on the ship's capabilities. Speaking through an interpreter, he says the first thing he noticed on taking command was the ship's lower crew numbers. 'When I first had the opportunity and started working on the vessel, my impression is that there's been a lot of automation and also considerable reduction of manpower,' he says. He says Mogami needs only 90 crew, while other frigates require about 120. The first thing that struck Commander Atsushi Izumi about the Mogami frigates was how few crew were needed in comparison with other vessels. Central to the reduction in numbers, he explains, is a nerve centre within the ship called the Combat Information Centre (CIC), which controls a number of functions that used to be shared among many teams and locations. I'm shown a diagram of circle surrounded by screens, and Izumi says this hub controls multiple systems, including weapons, fire control, engine and communications. Everything has been 'concentrated' in this area, so fewer crew are needed. It is a briefing thick with acronyms as he runs through the technical capabilities and weapons functions. I glean that the Mogami is both a mine sweeper and a mine layer, largely automated and equipped with unmanned surface and underwater vehicles. 'Again, because of that quality, because they are unmanned, humans do not have to go to the mine area, so from a considerable distance, they can fulfil their mission,' Izumi says. Izumi is keen to speak about the stealth aspects of the ship, which aesthetically gives off mild B2 bomber vibes. 'The design is done in such a way that radar cross-section has been reduced. So the design, you'll notice, normally, there is a lot of this equipment on deck, but all that has been internalised,' he says. There's a general discussion about the frigate's exhaust, which is spread out in vents instead of a funnel and therefore reduces its heat signature for infrared. Mentioned also is its 'unicorn' mast, which possesses stealth capabilities. The Mogami's weapons systems include surface-to-surface missiles (SSM) and a missile self-defence system (SEARAM), while an 'upgraded' Mogami, which is the design Australia would acquire, will have 32 vertical launch system missile cells (VLS). It also fits a Seahawk helicopter. One slightly spooky aspect of the ship is that each crew member wears a sensor, like a smartwatch, that monitors their locations and vital signs, and sends information to watchers who can tell where they are, what they're doing, and whether they are alive or dead. Exporting defence technology is a relatively new thing in Japan. Article 9 of the nation's postwar constitution explicitly renounced war, and for many decades Japan was considered pacifist. Its land, sea and air forces to this day retain the title of 'self-defence forces'. Former Japanese Prime Minister Shinzo Abe, in his second term in office, pushed for a more robust military and a 'proactive' approach to peace. From 2013, he introduced laws that upgraded the defence ministry and the national security architecture, and led the country to pursue more advanced defence technologies. 'Basically, we haven't changed the meaning of self-defence, but we changed the interpretation,' says a senior Japanese Ministry of Foreign Affairs source in a background briefing. Japan now has broader scope to engage in foreign conflicts for what it calls the collective self-defence of the nation and allies. There's more defence co-ordination and joint exercises with the US and a group they consider like-minded nations, which includes Australia. These 'mini-lateral' relationships in the region are a key pillar of Japan's security plans. The Niyodo Mogami frigate in Nagasaki in May this year. Credit: MHI In short, Japan's military has muscled up. The reason is what Tokyo's national security officials describe as 'the most severe and complex environment since the end of World War II'. Three nations are singled out for the changed security environment: China, North Korea and Russia. Japan sees China as a rapidly expanding military power with territorial ambitions in the South China and East China Seas, not least the Senkaku Islands (known in China as the Diaoyu Islands), which Japan holds. North Korea pushes its nuclear program and missile activity while Russia is accelerating military activities in East Asia. In recent years, Japan has spent more on defence. A lot more. It has a target of 2 per cent of GPD by 2027. A senior Japanese defence official expects a five-year total defence budget of 43 trillion yen (about $430 billion). The Mogami program is a good example of how some of that capital is being deployed. Between 2019 and 2034, Japan will build and deliver a remarkable 24 ships. And so, within about 10 years, Japan has gone from largely pacifist to a military technology exporter. Natural partners The modern Mogami frigate is named after a river in north-eastern Honshu, Japan's main island. It's not the first Japanese naval vessel to carry this name. In the 1930s, a heavy cruiser called Mogami featured in the Imperial Japanese Navy and was later sunk in World War II. Major General Yuki Sakata, spokesman for the Japanese Self-Defence Force in Tokyo. Credit: David King
West Australian
11 hours ago
- West Australian
Penny Wong heads to Washington for meetings with Quad and Marco Rubio
Foreign Minister Penny Wong will meet her US counterpart Marco Rubio in Washington this week amid ongoing global instability and domestic pressure for Australia to increase its defence spending. Senator Wong travels to the US for the Quad foreign ministers' meeting on Tuesday, the second gathering of the group in six months. 'I look forward to engaging with my Quad counterparts as we strengthen cooperation to ensure a peaceful, stable and prosperous Indo-Pacific,' she said. Mr Rubio wants to build on the momentum of the meeting earlier this year, a State Department official said in announcing the meeting. 'This is what American leadership looks like: strength, peace, and prosperity,' the official said. While in Washington, Senator Wong will also meet with India's external affairs minister, Subrahmanyam Jaishankar and Japanese foreign minister Takeshi Iwaya. But all eyes will be on the meeting with the US Secretary of State. Senator Wong said ahead of leaving the country that the United States was Australia's 'closest ally and principal strategic partner'. 'Our alliance contributes to the peace, prosperity and stability of our countries and the region we share,' she said. 'We will continue to work together to further our important economic and security partnership and advance our mutual interests.' Mr Rubio was with President Donald Trump in the Netherlands for last week's NATO meeting, where European countries agreed to American demands to significantly boost military defence spending. Australia has already come under similar pressure, with Defense Secretary Pete Hegseth telling Defence Minister Richard Marles his budget should jump from its current level just above 2 per cent of GDP to 3.5 per cent. White House spokeswoman Karoline Leavitt said last week that if allies in Europe and NATO could find the extra money, 'I think our allies and our friends in the Indo-Pacific region can do it as well'. The Government has repeatedly pointed out its budget contains $10 billion in extra Defence spending over the next four years. It's on a trajectory to reach more than 2.3 per cent by 20233, but this may be sped up once the next national defence strategy is published in about April. Home Affairs Minister Tony Burke said Australia had 'mature, decent, respectful conversations' with the United States, but the Government would ultimately make its own decisions on behalf of Australia's national interests. 'Our guiding principle in all of this is, what do you have to do to be able to keep Australians safe? And so we start with the capability. We don't start with the dollars,' he said on Sunday. 'It is true, around the world now, that the world is a less stable place than it was. 'That means the conversations you're having now about capability are different to what you would have had (a couple) of years ago.' But shadow defence minister Angus Taylor accused the Government of ignoring the advice from its defence strategic review, published two years ago. He wants to see more money put into hardening northern bases, speeding up the upgrade at the Henderson shipyard, counter-drone technology and recruitment. 'Forget the pressure being put on by the United States,' he said. 'If we are to play the role we need to play in ensuring we have peace through deterrence in our region, the spending is too low, and the government's plan demonstrates that.' Mr Iwaya and Japan's Defence Minister cancelled bilateral talks with the US that were set to coincide with the Quad ministerial meeting after the Trump administration demanded it too spend 3.5 per cent of GDP on defence, Reuters reported last week. Anthony Albanese is expected to travel to China in July for the annual bilateral leadership talks. Chinese Premier Li Qiang visited Canberra and Perth at this time last year. The Prime Minister is also seeking a meeting with Mr Trump as soon as possible. The Quad leaders' summit should be hosted in India this year, but a date is yet to be locked in.
AU Financial Review
14 hours ago
- AU Financial Review
Computershare saves PointsBet from its own constitution
When PointsBet's proposed sale to Japanese entertainment company Mixi was waved through by 95 per cent of shareholders on Wednesday, co-founder and CEO of the gambling outfit Sam Swanell said he was ' pleasantly surprised '. No shit. It had been expecting Matt Tripp 's Betr to use its 19.9 per cent holding to block the deal, which needed a 75 per cent approval vote. But miraculously, according to vote tallier Computershare, Betr didn't vote. That's despite having its own acquisition offer on the table and publicly declaring it would veto the deal.
